How Fast Can Probate Be Completed?

When most people think of the term “probate” they think of
a huge loss of time and assets. The biggest benefit to avoiding the probate
process is to save both of these things: not only do your assets avoid
having to go through this process, which means taxation and losses, but
your estate administrator will also save an abundance of time and effort
on the process by getting through it quicker and with fewer errors. So
what’s the fastest possible way to get through probate and how long
will it take? Let’s take a closer look at this complex question
and what factors influence the answer.

Types of Probate

How long the probate process takes depends primarily on what kind of probate
is used, and which kind you can use depends on what kind of assets that
must be divided. There are two primary types of formal probate, plus a
few different types of simple transfer procedures that can complete the
process. However, none of them are overnight things—expect to spend
at least a few months working on it.

Independent Administration of Estates This is a much faster and generally more desirable form of probate in
which the executor of the estate doesn’t need to see court approval
for things like paying debts, setting aside family allowances, selling
estate property, distributing assets to beneficiaries, and much more.
Of course, giving an executor that much freedom does require a degree
of trust, but if you have someone who you know can execute your estate
faithfully, then this is generally a much more liberating and faster form
of completing probate.

Dependent Administration of Estates This is a much more restrictive process, which requires the executor to
obtain the court’s permission for many tasks, including those listed
above. This substantially slows the process down, and does mean the court
has to get involved in nearly everything, which means it’s much
more expensive to complete as well. However, the good news is that this
is a method that’s seldom-used, and most wills that don’t
select this particular type are usually handled as “independent”
processes.

Muniment of Title If the deceased has left a will, the “muniment of title” process
is a simple and inexpensive way to transfer assets. However, there are
a few other prerequisite requirements: there must be no unpaid debts except
those which are secured by real estate, and Medicaid must not have any
claims against the estate in order to recover benefits.

However, this process simply allows the will itself to be the document
that transfers the title over to the person inheriting the estate. There’s
no executor or administrator, and the only requirement is that the person
who requested the probate file a sworn statement saying they completed
this process within six months of the initial request. These process can
be completed in as little as a couple of months, and in fact the law states
you must have it completed by a maximum of six months.

Small Estate Affidavits If the total value of the probate process is $50,000 or less and there
is no will to execute the estate, then the people who inherit the property
can prepare a simple statement (an affidavit) to collect the property.
You don’t even need to open a probate court proceeding. However,
as stated this is only for extremely small estates; $50,000 is not a lot
of money so few people will actually qualify.

If you would like to learn more about quick, cost-effective options for
finishing the probate process, or you want to set up an estate plan that
avoids the probate process all together, then you shouldn’t delay
and speak with a Tyler estate planning attorney as soon as possible! Contact
Campbell Law Firm by dialing (903) 345-0031 today!

G+: *How Fast Can Probate Be Completed?*

Are you trying to complete the probate process quickly and painlessly?
There may be some options you can take advantage of. Read our blog to
learn about a few of the ways you can make this happen as well as some
simple asset transfer processes.

Facebook: Completing the probate process quickly and painlessly may not
be as impossible as it seems. There are a few ways you can get through
the process quickly, provided the estate qualifies for one of these simplified
processes. Read more on our blog.

Twitter: Do you know how long the probate process is going to take? If
you’re trying to complete it quickly, read our blog to learn about
a few of the options you may have available to you!

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.

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